India’s PCB Manufacturing to Reach $14 Billion by 2030: Report

India’s printed circuit board (PCB) manufacturing industry is on a strong growth trajectory and is expected to reach nearly $14 billion by 2029-30, according to a report by the Electronic Industries Association of India and Feedback Advisory, as reported by The Economic Times. This would account for almost 10% of the government’s $150 billion electronics components manufacturing target, highlighting the increasing momentum of India’s electronics manufacturing ecosystem.

The report notes that despite strong demand, India still imports nearly 88% of its PCB requirements, valued at around $3.7 billion in FY25. However, domestic production is growing rapidly, valued at $600 million currently, with a compound annual growth rate (CAGR) of 27.3% over the past three years. According to Raghu Panicker, CEO of Kaynes Semicon, India’s bare board PCB market could reach $24.7 billion by 2033, growing at over 15% CAGR.

The government’s Electronics Component Manufacturing Scheme (ECMS) has played a crucial role in this growth. Recently approved projects include multi-layer and HDI PCBs, camera module sub-assemblies, laminates and polypropylene films. Companies such as Kaynes Group, Syrma Group, Ascent Circuits of Amber Group and SRF Limited have received approvals for new units across Tamil Nadu, Andhra Pradesh and Madhya Pradesh, signalling growing domestic capacity.

Strong domestic demand from consumer electronics and electric vehicles, combined with initiatives like Make in India, Production Linked Incentive (PLI) and anti-dumping duties on imported PCBs, is helping local manufacturers scale up. However, challenges remain, particularly in sourcing high-end PCBs and raw materials such as copper-clad laminates.

Jasbir Singh Gujral, Managing Director of Syrma SGS, told The Economic Times that India’s ecosystem for PCB manufacturing is strengthening with support from PLI, SPECS and Electronics Manufacturing Clusters. He emphasized the need to deepen capabilities beyond assembly and build a robust base for multilayer and flex PCBs, where most of the value addition lies.

The report highlights that India’s PCB demand has reached $5 billion, and if current growth continues, the $14 billion projection is achievable. It recommends 10–12 large-scale PCB plants with integrated capacities and investments in flex and rigid-flex technologies, which could create up to 95,000 jobs.

Globally, the $73 billion PCB market is still dominated by China, but with sustained policy support, ecosystem expansion, and investment, India has a unique opportunity to transform from a major importer to a global manufacturing hub for PCBs by 2030.

Source: The Economic Times